Markets End in Red After Strong Opening as IT Stocks Lose Momentum

Markets End in Red After Strong Opening
Markets End in Red After Strong Opening — IT stocks that were roaring yesterday lost all momentum today with the IT index closing down 1.07% today. HCL Technologies Ltd (NS:HCLT) lost the most today and closed down 3.25%. Infosys Ltd (NS:INFY) lost 1.52% and Tata Consultancy Services Ltd. (NS:TCS) lost 0.26% today while Wipro Ltd (NS:WIPR) gained 0.16%.

They were the main drivers for Nifty 50 and the BSE Sensex 30 ending flat after a strong opening today. Nifty and the BSE Sensex both closed down less than 0.1% each. Nifty Bank also lost 0.43% today.

Divi’s Laboratories Ltd. (NS:DIVI) gained 3.46% while Bharti Airtel Ltd. (NS:BRTI) closed up 2.95%. UltraTech Cement Ltd (NS:ULTC) and Tata Steel Ltd (NS:TISC) gained over 1.5% each.

Specialty chemicals company Tatva Chintan IPO saw its issue get oversubscribed with 70 minutes of its launch.

Asian stocks took a beating today with Nikkei 225 down 0.98%, KOSPI 50 down 0.28% and the Shanghai Composite down 0.71%.  

US stock markets are set to open moderately higher later, on course for a fourth straight weekly gain. As of this report, Nasdaq 100 Futures were up 0.15%, while Dow Jones 30 Futures were up less than 0.1% and S&P 500 Futures were also up a little more than 0.1%. Also of interest will be the release of retail sales data, which will serve as a gauge for the health of the consumer.


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